Saudi Aramco (2222 SR, Not rated)

Research evidence excerpt

Saudi Aramco (2222 SR, Not rated)

Flashnote

29 June 2026

Oil, Gas & Consumable Fuels

Saudi Aramco (2222 SR, Not rated) Asia

Macquarie ETAC Oil Conference 2026

Albert Kaushal

Miao Ladha, CFA

What's new

• Saudi Aramco management attended the Macquarie ETAC Oil Conference Mark

2026 today. Discussions focused on Aramco’s growth strategy and supply Wiseman, CFA

resilience and on market implications from recent disruptions and ongoing

inventory rebuilding. Key takeaways follow.

Figure 1 - Aramco pipeline

distribution

Why it matters

• Aramco sees scale, low cost, and financial strength as its structural

advantages: Management highlighted what it believes are its structural

advantages, including ~10mb/d production (c.10% global share) and

industry-leading low costs (~US$5/bbl lifting cost). Management also

highlighted strong balance sheet capacity (~US$75bn cash) and low carbon

intensity, which it believes positions the company well across cycles and for

long-term energy transition dynamics.

• Expects growth to be led by gas, downstream expansion. Management

outlined a growth trajectory with gas as the key driver. The company

targets a gas production increase of ~80% by 2030 (vs 2021),

supporting domestic demand and power sector substitution. It also

expects incremental cash flow from downstream expansion (refining,

petrochemicals, and trading), alongside efficiency improvements across Source: Company data, June 2026

existing assets.

Figure 2 - Aramco targeting gas• Capex to focus on gas and selective downstream investment. production increase of ~80% by 2030

Management expects capex to peak in 2026 (~US$50-55bn) and remain

disciplined, with ~60–70% allocated to upstream (split between oil and gas).

The company is increasingly tilting its growth spending toward gas projects